Sukuk that represent receivables (zhimam) of cash amounts or goods. Examples of non-tradable sukuk include salam sukuk, istisna’a sukuk, and murabaha sukuk. In salam, funds are paid in advance at the contracting session (majlis al-aqd) and the underlying commodity (object of salam sale) becomes debt owed by the salam seller (al-muslam elihi). Likewise, in salam sukuk, the funds can also be in the form of certificates representing the debt. These certificates are non-tradable because debt or dayn (including salam debts or receivables) cannot be traded from the perspective of Islamic shari’a. Shari’a also does not permit trading in murabaha sukuk after delivery of the murabaha commodity to the purchaser. However, such a trading would be permissible after having purchased the murabaha commodity and before selling it the purchaser.
May 19, 2024
